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  • Kochi Car Loan

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  • Before you apply for a Kochi car loan, get to know the latest interest rates, repayment tenure, loan amount, processing fees, and much more without stepping out of your home. Get the best car loan to suit your pocket and shorten your loan processing time as well. Get instant quotes and approvals for your dream car now.
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    Situated in coastal India, Kochi is the focal point of Kerala’s commercial activity. The steady economic growth within the city also implies an increase in the number of individuals who prefer not to rely on public transportation to get around the city. While owning a car might be on almost everyone’s list of big purchases, there are many instances where it might not be affordable. When there are a number of financing options available, how do you decide on one that would be most suitable for you? If you are a resident of Kochi, you have a host of financing options to choose from.

    Lowest Car Loan Interest Rates Kochi

    Bank Interest rates Minimum income Processing fee
    State Bank of India 9.25% - 9.75% Rs.2.5 lakh p.a. Up to Rs.1,000 + GST Nil up to 30 April 2019
    Axis Bank 9.25% - 11.50% Rs.2.4 lakh p.a. Rs.3,500 – Rs.5,500
    Federal Bank 9.15% Rs.2.4 lakh p.a.
    HDFC Bank 9.75% - 10.60% Rs.3 lakh p.a. Rs.3,000 – Rs.10,000
    ICICI Bank 8.89% to 14.50% Based on lender’s terms Rs.3,500 – Rs.15,000
    IDBI Bank 9.30% - 9.90% Rs.2.4 lakh p.a. Rs.1,000 + taxes
    Syndicate Bank 9.1% - 9.35% Rs.2 lakh p.a. Rs.1.25 per Rs.1,000 of loan amount to Rs.200 per lakh
    Punjab National Bank 8.50% - 8.95% Rs.2 lakh p.a. Rs.1,000 to Rs.1,500
    Bank of India 9.5% Based on lender’s terms Rs.500
    Bank of Baroda 8.90% onwards Based on lender’s terms Rs.1,000 + GST to Rs.2,500 +GST
     

    Tips to get a Car Loan in Kochi with a Low-Interest Rate

    • Check your credit score

    Before applying for a car loan, checking your credit score can help assess the loan amount and the interest rate that you are likely to be charged. Generally, banks offer better interest rates and higher loan amounts to customers who have good credit scores and repayment history.

    • Choosing the right car dealer

    Before applying for a loan, it is advisable to choose a car dealer that has a tie-up with your bank. If the dealer that you choose has a relationship with your bank, you may be able to receive better rates on your loan in addition to a few perks and discounts. Most banks will have a list of car dealers that they are partnered with so you can have a clearer picture of the rates and charges before you apply for a loan.

    • Check your car model

    Some banks determine your car’s eligibility criteria and loan amount based on the model that you choose. The age of the car, the model, and the year of manufacture are taken into consideration when determining eligibility criteria. Banks usually take into account the car model when determining the interest rate.

    • Relationship with the lender

    When looking for financing for a car, it is always better to choose a bank that you have an existing relationship with. This ensures that you can get the best interest rates when compared to a loan that is availed from a bank where you do not have an account.

    • Loan tenure

    The interest rates charged on car loans vary based on the loan tenures chosen. The longer the loan tenure, the higher the amount paid in interest. Therefore, it is advisable to choose a loan tenure that is shorter in order to save on the amount paid in interest.

     

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    The best time to buy a new car is now. Browse through BankBazaar’s exclusive assortment of car financing options that could make your dream come true!

     

    Eligibility for applying for a car loan in Kochi

    In order to apply for a car loan in Kochi, you have to meet the following criteria. The list below might vary across lenders:

    Criteria Self-employed Salaried
    Age 21 years 21 years
    Income Rs.2 lakh to 2.4 lakh p.a. Rs.1.8 lakh to Rs.2 lakh p.a.
    Employment experience 1 year of continuous employment 3 years of continuous employment
     

    Documents Required

    • Car loan application form
    • Bank statement
    • Proof of Income
    • KYC documents

    FAQs

    What is the maximum loan amount that I will be eligible for?

    Most lenders offer up to 90% of the car’s price as the loan amount. However, there are a number of lenders that also offer 100% financing for a car. The amount for which you are eligible will also depend on the cost of the car, the model, and year of manufacture.

    When is a loan application rejected?

    A loan application is usually rejected when your credit score and credit history are not in line with the lender’s requirements.

    What is the maximum repayment tenure for a car loan?

    The maximum repayment tenure for a car loan is typically 7 years.

    Are the interest rates on car loans negotiable?

    Yes, interest rates on car loans can be negotiated provided the lender offers car loans on a floating interest rate.

    How long does it take for a loan application to be processed?

    The time taken for a loan application to be processed is subject to the verification of the documents submitted. This usually takes anywhere between 3 and 7 business days.

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